OREANDA-NEWS. Fitch Ratings has taken various rating actions on GE Equipment Transportation LLC, Series 2013-2. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations of the Class A and the upgrade to the class B note and C note reflect loss coverage levels consistent the respective ratings. As of the August 2015 reporting period, cumulative net losses total 23 basis points. The transaction is extrapolating well below Fitch's initial base case loss proxy. The Stable Outlook for the class A and B notes reflect Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transaction amortizes. Maintaining the Positive outlook for the class C note reflects Fitch's view that the notes will continue to perform well and may warrant positive rating action in the next 12 to 18 months.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy, which would impact available loss coverage. Lower loss coverage could impact ratings and rating outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to 1.5x and 2.5x higher of Fitch's base case loss expectation. Initial key rating drivers and rating sensitivities are further described in the Presale Report dated Oct. 21, 2013.

To date, the transaction has exhibited strong performance with losses within Fitch's initial expectations with rising loss coverage and multiple levels. As such, continued strong performance for the transaction would most likely result in continued stable ratings. Conversely, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE

No Third Party due diligence was provided or reviewed in relation to this rating action.

Fitch has taken the following rating action on GE Equipment Transportation LLC Series 2013-2:

--Class A-3 affirmed at 'AAAsf'; Outlook Stable.
--Class A-4 affirmed at 'AAAsf'; Outlook Stable.
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive.
--Class C upgraded to 'AAsf' from 'Asf; Outlook Positive.